Rajarshi Mitra
Independent Analyst
- Quoine had originally reversed seven of B2C2’s trade on April 2017 after discovering an abnormality.
- The Singapore International Commercial Court (SICC) found Quoine liable after B2C2 sued them for the reversal.
Quoine Exchange was found liable by the Singapore International Commercial Court (SICC) for reversing seven trades, worth 3.092 Bitcoins, made by crypto market maker B2C2 two years ago. According to SICC, B2C2 sold ether (ETH) at an exchange rate of 10 BTC per token on April 19, 2017. This was approximately 250 times higher than the market rate of about 0.04 BTC to 1 ETH at the time of the trade. Quoine discovered this abnormality the next day and reversed the trade.
In August 2017, B2C2 sued Quoine, aiming to recover the 3,092 BTC from the exchange. According to B2C2, Quoine “had no contractual right unilaterally to cancel the trades once the orders had been effected.” The court sided with B2C2 in the ruling but said Quoine didn’t need to transfer back the 3,092 BTC as 1 BTC was worth around $1,300 during the time of the original trade and is presently priced at around $3,900. The court said, “Instead, the plaintiff’s [B2C2] remedy lay only in damages which, if not agreed, will be assessed at a subsequent hearing.”
Quoine said that they were disappointed with the ruling. CEO Mike Kayamori said: "We are reviewing the judgement and considering our options, including the possibility of an appeal."
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Binance CEO calls CFTC suit “disappointing” as district court halts Voyager $1 billion sale to Binance.US
Voyager’s deal with Binance’s United States entity, Binance.US, faced another hurdle on March 27, the same day that the Commodity Futures Trading Commission (CFTC) went after the crypto exchange. This is the second time in the span of a month that Voyager’s deal has been objected against by the government.
90% of Ethereum supply leaves exchanges as regulators struggle to classify ETH as Security or Commodity
Ethereum is known not only as the second-biggest cryptocurrency but also as the second-generation cryptocurrency. The blockchain not only brought Decentralized Finance (DeFi) to the crypto space but also framed a target on its back following its Proof of Stake transition plan.
This is how EOS holders responded to the network's EVM testnet launch, what to expect this week
The first milestone on the EOS Network Foundation’s roadmap, the completion of the EOS EVM (Ethereum Virtual Machine) code, was achieved on March 22, starting the countdown to the launch of the EOS testnet. Well, it is finally here and the community is elated as it brings them closer to the mainnet release on April 14.
XRP price recovers above $0.44 as court ruling approaches, will Ripple win against the SEC?
XRP price has kept its momentum, flashing green on the one-day timeframe as the countdown to the Ripple vs SEC lawsuit continues. The remittance token is moving in tandem with our prediction last week, soaring by a significant margin to secure a place among the best-performing cryptocurrencies on a one-week timeframe.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.